Tracsis PLC Strategic Investment in Vivacity Labs Limited (4403B)
04 April 2017 - 4:00PM
UK Regulatory
TIDMTRCS
RNS Number : 4403B
Tracsis PLC
04 April 2017
4 April 2017
Tracsis plc
("Tracsis" or the "Group")
Strategic Investment in Vivacity Labs Limited
Tracsis plc, a leading provider of software and services for the
traffic data and transportation industry, is pleased to announce it
has made a strategic investment of up to GBP1.3m into Vivacity Labs
Limited ("Vivacity"), a provider of smart, hyperlocal data for
smart cities and intelligent transport systems, in return for up to
a 28.1% equity stake.
Vivacity has developed novel machine learning software and
sensor technology which is applied to solve a wide range of traffic
and transport issues, most specifically for the automatic counting
and classification of pedestrian and vehicle flows in a variety of
environments. In the past 12 months the business has secured a
number of client wins and pilot projects with local governments,
infrastructure owners and transport providers and in March 2017 was
successful in winning a significant Smart Cities grant with a value
of GBP1.7m.
Adoption of the Vivacity technology has the potential for
Tracsis to significantly reduce its existing costs for processing
video footage within the Traffic & Data Services Division
whilst also leading to improvements in operational performance such
as increased accuracy of traffic counts and the reduction of
turnaround times for clients.
As part of a broader investment round for Vivacity, Tracsis has
agreed to invest up to GBP1.0m via a tranched equity funding
(subject to performance milestones) in return for 23.3% of the
enlarged share capital of Vivacity. In addition, Tracsis has been
granted a warrant to subscribe for a further 4.8% of the then
enlarged share capital for an additional GBP0.3m. A Tracsis
executive will join the Board of Directors of Vivacity to help
further grow the business and promote their offering to the Tracsis
customer base. The investment round also included Downing Ventures
EIS Fund and the London Co-Investment Fund with Tracsis being lead
investor. For more information on Vivacity Labs please visit
www.vivacitylabs.com.
John McArthur, Chief Executive Officer of Tracsis plc,
commented:
"We are delighted to have agreed this investment into Vivacity
Labs and are excited by the potential of this technology both for
our business and the wider traffic and transport market. The
potential of machine learning technology is very significant and
the Vivacity offering is highly complementary to our Traffic and
Data Services division."
Mark Nicholson, Chief Executive Officer of Vivacity Labs
Limited, commented:
"We are pleased to join forces with Tracsis having worked with
them for some time now on joint projects. The combination of
Tracsis' experience and extensive customer list, combined with our
technology makes for a great partnership. With this investment in
place and the support of Tracsis, we look forward to accelerating
our penetration into the market."
For more information please contact:
John McArthur/Max Cawthra, Tel: 0845 125
Tracsis plc 9162
Dominic Emery/Matt Lewis, Tel: 020 7597
Investec Bank plc 5970
Rebecca Sanders-Hewett / Sam Tel: 0207 382
Modlin, Redleaf Communications 4730
Tracsis@redleafpr.com
The information communicated in this announcement is inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No. 596/2014.
Notes to editors:
-- The Group specialises in solving a variety of data capture,
reporting and resource optimisation problems along with the
provision of a range of associated professional services.
-- Tracsis' products and services are used to increase
efficiency, reduce cost and improve the operational performance and
decision making capabilities for clients and customers.
-- The Company offers the following services:
- Rail Technology & Services: Software and technology led
consulting, and Remote Condition Monitoring: Industry strength
software that covers a variety of asset classes working alongside
consulting and related professional services across the operational
and strategic planning horizon, plus Technology and reporting for
critical infrastructure assets in real time, to identify problems
and aid with preventative maintenance.
- Traffic & Data Services: Collation, analytical services,
and event management within traffic and pedestrian rich
environments.
-- Tracsis has a blue chip client base which includes the
majority of UK transport operators. The business also works
extensively with Network Rail, the Department of Transport,
multiple local authorities, Silverstone, Goodwood, and a variety of
large engineering/infrastructure companies.
-- The business drives growth both organically and through
acquisition and has made eight acquisitions since 2008.
-- Tracsis listed on AIM in 2007 under ticker TRCS.
-- For more information visit http://www.tracsis.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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